An oil firm [Vitol] whose chief executive has bankrolled the Conservatives won valuable rights to trade with Libyan rebels during the conflict, following secret talks involving the British Government.

The deal with Vitol was said to have been masterminded by Alan Duncan, the former oil trader turned junior minister, who has close business links to the oil firm and was previously a director of one of its subsidiaries.

Mr Duncan’s private office received funding from the head of Vitol before the general election. Ian Taylor, the company’s chief executive and a friend of Mr Duncan, has given more than £200,000 to the Conservatives.

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Vitol is thought to be the only oil firm to have traded with the rebels during the Libyan conflict. Oil industry sources said that other firms including BP, Shell and Glencore had not been approached over the deal. One well-placed source said this was “very surprising” because other companies would have been keen to be involved.

French Foreign Minister Alain Juppé said he thought it would only be reasonable if French companies benefited from preferential access to Libyan contracts given that Paris, together with the U.K., led the foreign military offensive in Libya.

“The NTC [Libyens Nationale Overgangsråd] has said very publicly that, in the reconstruction effort, it would give preferential treatment to those who supported them,” Mr. Juppé told French radio RTL. “That seems quite logical and fair.”